National building company PBS has collapsed owing $25m and leaving scores of unfinished projects scattered around the country amid a deepening industry crisis.
Glen Norris Follow 2 min read March 7, 2023 - 3:12PM The Australian Business Network
National building company PBS has collapsed owing $25m and leaving 80 unfinished projects scattered around the country amid a deepening industry crisis.
RSM Australia were on Tuesday appointed voluntary administrators of PBS and its trading companies operating in the Australian Capital Territory, New South Wales and Queensland.
The 33-year-old company earlier this week abandoned construction sites amid mounting losses, rising costs and labour shortages.
RSM Australia partner Jonathon Colbran said the company had 80 residential and commercial projects in various stages of construction.
“All work on these sites ceased immediately prior to the appointment of the administrators and it is not clear at this stage whether works will recommence,” said Mr Colbran.
“If works do not recommence, the operations of the PBS construction companies will progressively be shut down and sites will be handed over to customers.
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